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Operational and
Financial Highlights
·
Growth:
Over
the past nine months, loans outstanding have grown by 62% from
Rs. 4.9 crores (US$ 1.0 million) to Rs. 8.0 crores (US$ 1.8
million). Total
clients have also increased from 13,519 clients to 21,946 for
the same period.
·
Profitability: SKS has made
significant progress towards operational self-sufficiency,
with fiscal year-to-date operating self sufficiency at 95%,
compared to 80% for the same period last
year.
·
Portfolio
Quality: Portfolio-quality
remains excellent with portfolio-at-risk > 30 days of
0.0%.
·
Transformation to a non-banking finance
company:
SKS
Microfinance has filed its application with the Reserve Bank
of India and is waiting
to receive its license to operate as a non-banking finance
company. |
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“I
am truly enthusiastic about working with SKS and increasing
its ability to provide services to more women entrepreneurs.”
- Sitaram Rao, Director & Interim CEO
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Borrower
Success Stories:
Raipally
Anjamma
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Age:
30
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2 children, Sudhaker and Srinavasalu, 6 and 4 years
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Hometown: Raipally, Medak District, Andhra Pradesh
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First Loan Issued: Rs. 5,000 (US$125), 1998
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Business:
Goat Owner
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Caste: Backward Caste
Anjamma is one of the poorest
members of Raipally village where SKS has been operating
since 1998.
Anjamma and her husband are Dalits
(“untouchables”) and work as landless laborers.
Together, they earn Rs. 40 (US$1) per day. Anjamma’s
husband, however, is an alcoholic and spends much of the
family income on liquor.
One night,
Anjamma was sexually assaulted while her husband was out
drinking.
Following the assault, SKS gave Anjamma a group
fund loan of Rs.1,500 (US$35) and an emergency loan of
Rs.1,000 (US$25) to build a new house. Together with
borrowings from friends, Anjamma was able to build a
small stone home.
Some months later Anjamma became pregnant with
her second child, and SKS assisted her by providing a
maternal health loan. She gave birth
to a healthy boy and proudly refers to the child as the
“Sangam’s baby.”
Since 1998, Anjamma has used
loans from SKS to purchase five goats. She has since
sold three of her goats and has used her earnings to
purchase half an acre of land which she uses to grow and
sell lentils.
Now that Anjamma is able to provide for her
family, she can send her two children to school. When asked about
SKS, Anjamma said, “The Sangam has been
with me in my difficulties. They took care
of me as a father takes care of his
daughter.”
We are very proud of Anjamma
and are grateful for the support from our funders who
have made her dreams attainable.
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Message from
Founder and Chair, Vikram
Akula
As we
complete the final phase of transforming into a
regulated financial services company, we continue to
take steps to make our leadership team even stronger.
For starters, as of February 1st, I will
transition from CEO to Chairperson. Meanwhile, current
Board Member, Sitaram Rao, will serve as Interim
CEO until we complete our CEO search. Sitaram is a
Chartered Accountant with over twenty years of
experience in financial services, including chief
executive roles. His long-time involvement with SKS as
well as his leadership and vision makes him the
best person to steer SKS through the final phase of
transformation. For
Sitaram’s biography, please visit www.sksindia.com.
- Vikram Akula, Founder &
Chair |
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For more on SKS, please visit www.sksindia.com or
contact us at [email protected].
For donor or investor inquiries, please
contact Anu Pillai ([email protected]) or
Ashish Damani ([email protected]).
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